Aug 10, 2017 | Securities Class Action Archive
American Public Education, Inc. (NASDAQ GS: APEI) – Securities Fraud Investigation
Kehoe Law Firm, P.C. securities attorneys are investigating potential securities fraud class action lawsuit claims on behalf of purchasers of American Public Education, Inc. (“APEI”) (NASDAQ GS: APEI) common stock or other American Public Education securities in connection with a Civil Investigative Demand that the Attorney General of the Commonwealth of Massachusetts served on the Company.
Attorney General of the Commonwealth of Massachusetts Serves a Civil Investigative Demand
On August 3, 2017, APEI received from the Attorney General of the Commonwealth of Massachusetts a Civil Investigative Demand, or CID, dated July 31, 2017, relating to an investigation of alleged unfair or deceptive acts or practices by American Military University (“AMU”) in connection with the recruitment and retention of students and the financing of education. AMU is operated by APEI’s wholly-owned operating subsidiary, American Public University System, Inc.
According to APEI, the “CID requires the production of documents and information relating to recruitment, enrollment, job placement and other matters . . . [and APEI] cannot predict what affect, if any, the investigative demand will have on its financial position or results of operations.” On this news, American Public Education’s share price fell $2.70, or 12.47%, to close at $18.95 on August 9, 2017.
Have You Purchased or Acquired American Public Education Shares?
If you purchased or acquired APEI common stock or other securities and would like to speak privately with a securities attorney to learn more about the investigation and your potential legal rights, please fill out the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Aug 8, 2017 | Securities Class Action Archive
Depomed – Potential Securities Fraud Claims on Behalf of Depomed Investors
Kehoe Law Firm P.C. securities attorneys are investigating potential securities class action claims on behalf of purchasers of Depomed, Inc. (“Depomed” or “Company”) (NASDAQ GS: DEPO) common stock or other securities and who may be suffered losses after the announcement of investigations by the United States Department of Justice and the Office of the Attorney General of Maryland.
DOJ and Maryland Attorney General Issue Subpoenas
On August 7, 2017, after the close of trading, Depomed held an investor conference call during which Arthur Joseph Higgins, Depomed’s CEO and President, revealed that Depomed received a subpoena from the United States Department of Justice on July 28, 2017, “regarding our commercialization practices for our NUCYNTA products and Lazanda.”
During this investor call, August J. Moretti, the Company’s CFO and Senior Vice President, added:
“Recently, Depomed and other pharmaceutical companies received subpoenas relating to opioid sales and marketing practices from the Office of the Attorney General of Maryland and, as you heard from Arthur, the United States Department of Justice. We are currently cooperating with the state of Maryland and the DOJ in their respective investigations. In addition, Depomed and other pharmaceutical companies earlier received a request for information from Senator McCaskill, the ranking minority member of the United States Senate Committee on Homeland Security and Governmental Affairs, relating to the company’s promotion of opioid products.”
Depomed Stock Price Drops
On August 8, 2017, following these announcements, Depomed common stock traded as low as $6.15 per share, intraday, a drop of over 30% from the $9.23 per share closing price on August 7, 2017.
Have You Purchased or Acquired Depomed Shares?
If you purchased or acquired Depomed common stock or other securities and would like to speak privately with a securities attorney to learn more about the investigation and your potential legal rights, please fill out the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Aug 8, 2017 | Securities Class Action Archive
GlobalSCAPE, Inc. Potential Securities Fraud Claims for GlobalSCAPE, Inc. Investors
Kehoe Law Firm P.C. securities attorneys are investigating potential securities class action claims on behalf of purchasers of GlobalSCAPE, Inc. (“GlobalSCAPE” or “Company”) (NYSE:GSB) common stock or other Company securities and who may be affected by the anticipated financial restatement.
Audit Committee Finds “Improper Arrangements” with Customers
On August 7, 2017, after the close of trading, GlobalSCAPE announced that the Audit Committee of the Board of Directors has been conducting an investigation into “certain transactions in the fourth quarter of 2016” that involved “improper arrangements with customers that circumvented the Company’s internal controls. . . .”
GlobalSCAPE revealed that the investigation found improper arrangements with customers that circumvented internal controls resulting in overstating accounts receivable as of December 31, 2016, and license revenue for the three months and year ended December 31, 2016, by approximately $403,000 and $396,000, respectively.
GlobalSCAPE to Restate 2016 Year End Financial Results and 1Q 2017
GlobalSCAPE also announced that it intends to issue a restatement of its previously issued financial statements by filing an amended Annual Report on Form 10-K for the year ended December 31, 2016 and an amended Quarterly Report on Form 10-Q for the quarter ended March 31, 2017. Following this news, GlobalSCAPE common stock traded as low as $3.6301 on August 8, 2017, a drop of more than 20% from the $4.70 closing price on August 7, 2017. Kehoe Law Firm’s investigation concerns whether GlobalSCAPE and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Have You Purchased or Acquired GlobalSCAPE Shares?
If you purchased or acquired GlobalSCAPE common stock or other securities and would like to speak privately with a securities attorney to learn more about the investigation and your potential legal rights, please fill out the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Aug 6, 2017 | Securities Class Action Archive
Electronics For Imaging – Internal Control Weakness Expected To Be Reported
On August 3, 2017, after the close of trading, Electronics for Imaging (NASDAQ: EFII) announced that it was postponing a conference call regarding its second quarter 2017 preliminary results in order to enable to the company to better assess the timing of revenue recognition related to certain sales transactions.
Specifically, the company announced that it is examining “certain transactions where a customer signed a sales contract for one or more large format printers and was invoiced, and the printer(s) were stored at a third party in-transit warehouse prior to delivery to the end user.”
Electronics for Imaging further disclosed that it is assessing the effectiveness of its current and historical disclosure and financial reporting controls, and that it expects to report a material weakness in internal control related to these transactions. The company stated that it expects to report that disclosure controls were not effective in prior periods as well.
Following this news, Electronics for Imaging’s share price fell sharply in after-hours trading.
Electronics For Imaging – Announces Postponement of Conference Call
Electronics For Imaging announcement that it is postponing a conference call during which it anticipated discussing second quarter 2017 preliminary results to enable Electronics For Imaging to complete an assessment of the timing of recognition of revenue can be viewed by clicking here.
Electronics For Imaging, Inc. Investment Losses?
If you purchased or otherwise acquired shares in Electronics For Imaging and would like to speak privately with a securities attorney to learn more about the investigation, fill out the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C.
The Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Jul 28, 2017 | Securities Class Action Archive
Class Action Investigation – United Therapeutics Corporation
A class action investigation is being conducted by Kehoe Law Firm’s securities attorneys on behalf of United Therapeutics Corporation (“United Therapeutics”) (NASDAQ: UTHR) investors concerning the Company and its officers’ possible violations of federal securities laws.
On July 27, 2017, United Thereapeutics disclosed that it recorded a $210 million accrual relating to a potential settlement in connection with a DOJ investigation into the Company’s possible violations of the Federal Anti-Kickback Statute and the Federal False Claims Act. On this news, United Therapeutics’ stock price fell approximately 5% during intraday trading on July 27, 2017.
United Therapeutics 10-Q Filing Disclosure
United Therapeutics disclosed the following in a recent 10-Q filing:
In May 2016, [UTHR] received a subpoena from the U.S. Department of Justice (DOJ) requesting documents regarding [its] support of 501(c)(3) organizations that provide financial assistance to patients. Other companies have received similar inquiries. The DOJ is investigating whether that support may violate the Federal Anti-Kickback Statute and the Federal False Claims Act. Although [UTHR] believe[s] that [they] would successfully defend any action the DOJ might bring, [UTHR is] engaged in settlement negotiations with the DOJ as part of [UTHR’s] efforts to resolve the matter. However, [UTHR] cannot provide assurances that [its] efforts to reach a settlement with the DOJ will be successful or, if they are, what the timing or terms of any such settlement would be. [UTHR] expect[s] any such settlement would include a settlement payment to the government, and it may also include non-monetary obligations, such as [UTHR] entering into a corporate integrity agreement (CIA). [UTHR] may be required to incur significant future costs to comply with the CIA. If [UTHR] do[es] not reach a settlement with the DOJ, [UTHR] may incur material losses in connection with the defense or resolution of any subsequent litigation with the government. During the second quarter of 2017, [UTHR] recorded a $210.0 million accrual relating to this matter. The accrual was recorded in other current liabilities on the consolidated balance sheets and as an operating expense on the consolidated statements of operations. [UTHR is] unable to estimate the amount of reasonably possible losses in excess of the amount accrued because resolution of this matter through settlement is subject to a range of complex factors. Any actions taken by the DOJ, including settlement, could result in negative publicity or otherwise harm our reputation, reduce demand for [its] products and/or reduce coverage of [its] products, including by federal health care programs such as Medicare and Medicaid and state health care programs. If any or all of these events occur, [UTHR] business, prospects and stock price could be materially and adversely affected. Because matters such as this are inherently unpredictable, the ultimate outcome of this matter, including the amount of any loss, may differ materially from [UTHR’s] estimate.
United Therapeutics Shareholders
If you purchased or otherwise acquired shares of United Therapeutics, have information or have any questions concerning United Therapeutics’ disclosure or your potential legal rights, please fill out the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C.
The Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
Jul 19, 2017 | Securities Class Action Archive
Kehoe Law Firm’s securities attorneys are investigating potential claims on behalf of investors of AngioDynamics, Inc. (NASDAQ: ANGO) regarding possible securities law violations.
AngioDynamics – News of ‘Material Weakness’ Causes Share Price to Fall 7.5%
After the close of trading on July 17, 2017, AngioDynamics, Inc. announced that its auditor found a material weakness in its internal control over financial reporting as of May 31, 2016, because it did not design and maintain effective internal controls over the accounting for the annual goodwill impairment test.
Specifically, AngioDynamics did not have effective controls to review in sufficient detail the cash flow projections and valuation model assumptions used in the goodwill impairment test as of December 31, 2015.
Following this news, on July 18, 2017 AngioDynamic’s share price fell by 7.5% in intraday trading, causing significant harm to investors.
SeekingAlpha Reports: “AngioDynamics discloses material weakness in accounting of annual goodwill impairment”
The above-titled SeekingAlpha article, published on July 18, 2017, disclosed the following:
AngioDynamics . . . reports that its auditor has determined that there was a material weakness in its internal control over financial reporting as of May 31, 2016 because it did not design and maintain effective internal controls over the accounting for the annual goodwill impairment test.
Specifically, it did not have effective controls to review in sufficient detail the cash flow projections and significant valuation model assumptions used in the goodwill impairment test as of December 31, 2015.
The material weakness did not result in a misstatement of the 2016 financial statements or any interim periods therein. The company adds that the material weakness has been addressed.
AngioDynamics Files Form 8-K Regarding The Material Weakness
According to AngioDynamics’ Form 8-K, dated July 17, 2017:
AngioDynamics, Inc.’s (the “Company”) management has been informed by PricewaterhouseCoopers LLP (“PwC”), its former independent registered public accounting firm, following an inspection by the Public Company Accounting Oversight Board of PwC’s audit of the May 31, 2016 financial statements and internal controls over financial reporting, that the Company’s internal control over financial reporting as of May 31, 2016 was not effective because the material weakness described below existed as of that date.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. PwC has now determined that there was a material weakness in the Company’s internal control over financial reporting as of May 31, 2016 because the Company did not design and maintain effective internal controls over the accounting for the annual goodwill impairment test. Specifically, the Company did not design and maintain effective controls to review in sufficient detail the cash flow projections and significant valuation model assumptions used in the goodwill impairment test as of December 31, 2015.
Management of the Company, after discussions with PwC and the Audit Committee, determined that Management’s Report on Internal Control over Financial Reporting included in the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2016 should no longer be relied upon due to the material weakness specifically related to the goodwill impairment test noted above.
Have You Purchased or Acquired Shares of AngioDynamics?
If you purchased or acquired shares of AngioDynamics and would like to speak privately with a securities attorney to learn more about the investigation and your potential legal rights, please fill out the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; or send an e-mail to [email protected].
About Kehoe Law Firm, P.C.
The Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
